During $2024,$ Sarasota Company borrowed cash from Blossom Company by issuing notes payable as follows:

On June $1,2024,$ issued an eighth month, $4\%$ note for $$78,000.$ Interest and

principle are payable at maturity.

Prepare all necessary journal entries for Sarasota to record the notes.

Sarasota has a November fiscal year end and prepares adjusting entries on an annual basis.